Group Five Pipe snaps up $1.2bn Saudi supply contracts
RIYADH, 23 days ago
Group Five Pipe Saudi Company has signed contracts worth SAR4.48 billion ($1.2 billion) with leading Saudi groups - Aramco and Saline Water Conversion Corporation (SWCC) - for the manufacture and supply of its spiral-welded steel pipes for its projects.
As per the deal with Aramco worth SAR1.48 billion, the Saudi firm will responsible for the manufacture and supply of its spiral-welded steel pipes for one of its key projects.
The entire contract will be implemented in 12 months, stated Group Five Pipe in its filing to Saudi bourse Tadawul.
On the financial impact, the company said it will get reflected, starting from Q3 of the fiscal year 2025.
This Aramco win comes just days after Group Five Pipe had snapped up similar orders worth SAR3 billion from Saline Water Conversion Corporation (SWCC) for its Ras Al Khair Water Transportation System Project.
The work involves supply of spiral-welded steel pipes for transporting Ras Al Khair water to Riyadh.
The entire manufacture and supply work will be completed within 22 months, said the company in its bourse filing.
On the financial impact, Group Five Pipe said it will be reflected starting from Q3 of the fiscal year 2024.
